Another day, another breathless Kudlow report on trade talk progress.  At the open, SPX will have risen almost 6% since the Phase One deal agreement was announced.Thanks to Kudlow’s and Trump’s frequent updates, USDJPY and CL’s continuing ramp jobs and the incessant assault on VIX, the market can do no wrong.

Unfortunately for the bulls, ES is back to the top of a rising channel and this latest move should be faded.  The most interesting trade, however, is coming up in the oil market.

continuing…

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